Medford (Mass.) Retirement System hired Shenkman Capital Management to run $5 million in a high-yield bond fund for the $123 million pension plan, said Gilda Antolini, board administrator. Funding came from reallocating a portion of the assets controlled by the funds fixed-income manager, which Ms. Antolini would not identify. The system wanted to diversify its assets, she said.
New England Pension Consultants advised. The systems current asset allocation is 70% equity, 20% fixed income and 10% real estate.